Pandyan Grama Bank Car Loan Key Features Nov 10 2024
Interest Rate | 7.35% per annum |
Min Loan Amount | ₹ 100,000 |
Max Loan Amount (Loan to Value) |
Loan up to 85% of On Road Price or 100% of Ex-showroom Price |
Loan Tenure | 1 year to 7 years |
Lowest EMI / Lac | ₹ 2,311 |
Minimum Net Monthly Income | ₹ 15,000 |
Minimum ITR for Self Employed | ₹ 300,000 |
Age Criteria | Salaried: 21 years to 60 years Self Employed: 21 years to 65 years |
Types of Cars | For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs). |
Processing Fee | Up to 2% Only |
Foreclosure Charges | 5% of the principal outstanding |
Basic Documentation | ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation |
About Pandyan Grama Bank Car Loan
Pandyan Grama Bank is a Scheduled public sector bank in Tamil Nadu established under Regional Rural Bank Act 1976. It was founded on 9 March 1977 at Sattur, then later shifted to Virudhunagar on 16 July 1993.
Pandyan Grama Bank provides Car Loans at attractive rates of interest to the consumer for buying their dream car whether new or second-hand. It is an easily available loan that can be procured by anyone even by ones who have a slightly low credit/CIBIL score.
Advantages of Pandyan Grama Bank Car Loan
⍟ Loan Approval in 30 Minutes
⍟ Lowest Rate of Interest
⍟ Up to 100% on Road Loan
⍟ Minimum Documentation
⍟ Paperless Process
⍟ Flexible Repayment
⍟ Zero Foreclosure
⍟ 24 x 7 Online Payment Facility
⍟ No Hidden Charges
Pandyan Grama Bank Car Loan Eligibility
Documents required for the car loans and other eligibility are discussed below.
Salaried Individual |
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Self-Employed Individuals |
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Self-Employed Non-Individuals (Company/Partnership) |
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Priority Customers |
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Pandyan Grama Bank Car Loan Interest Rate, Fees and Charges
Details on car loan interest rate and other charges are given below:
Charges | New Car Loan | Used Car Loan |
Interest Rate | 7.35% per annum |
14.80% p.a. to 16.80% p.a. |
Processing fee | Up to 2% Only | 1% of the loan amount or Rs.6,000, whichever is lower |
Issuance of Duplicate Repayment Schedule Charges | Rs.500 per instance | Rs.500 per instance |
Foreclosure Charges | 5% of the principal outstanding | 5% of the principal outstanding |
Penal Interest | 2% per month | 2% per month |
Part Payment charges | 5% of the paid amount | 5% of the paid amount |
Cheque/Instrument Swap Charge | Rs.500 per instance | Rs.500 per instance |
Documentation Charge | Rs.500 per instance | Rs.500 per instance |
Issuance of Duplicate No Dues Certificate Charges | Rs.500 per instance | Rs.500 per instance |
Registration Certification Collection Charge | Rs.200 per instance | Rs.200 per instance |
Cheque Bounce/Instrument Return Charges | Rs.500 per instance | Rs.500 per instance |
Issuance of Duplicate Statement Charges | Rs.500 per instance | Rs.500 per instance |
Loan Cancellation/Re-booking Charges | Rs.2,500 per instance | Rs.2,500 per instance |
Issuance of Credit Report | Rs.50 per instance | Rs.50 per instance |
Pandyan Grama Bank Car Loan Documents Required
Salaried Individual
Category | Documents Required |
Identity Proof
(Any 1) |
Driving Licence Aadhaar Card Passport PAN Voter ID |
Address Proof
(Any 1) |
Driving Licence Aadhaar Card Passport PAN Voter ID |
Date of Birth Proof
(Any 1) |
Birth Certificate Passport Driving Licence PAN |
Signature Proof
(Any 1) |
Passport Bankers Verification PAN |
Income Proof | Latest Form 16 and Salary Slips |
Bank Statement | Bank statement of last 3 months |
Employment Continuity Proof | Work Experience Certificate ITR of Form 16 Salary Slip with Joining Date Appointment Letter Letter of Relieving |
Self-Employed Individuals
Category | Documents Required |
Identity Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
Address Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
Date of Birth Proof (Any 1) | Birth Certificate Passport Driving Licence PAN |
Signature Proof (Any 1) | Passport Bankers Verification PAN |
Income Proof | Latest Form 16 and Salary Slips |
Bank Statement | Bank statement of last 3 months |
Employment Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
Business Proof | Current Account Statement Telephone Bill Electricity Bill Shop & Establishment Act Certificate SSI or MSME Registration Certificate Sales Tax or VAT Certificate Registered Lease Document with other utility bills |
Self-Employed Non-Individuals
1. Partnership Firms/Societies
Category | Documents Required |
Identity Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
Address Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
Income Proof | Audited Balance Sheet P&L Account and ITR for the previous 2 years |
Bank Statement | Bank statement of last 3 months |
Business Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
Additional documents | Authority Letter/PAN cards |
2. Private Limited/Limited Companies
Category | Documents Required |
Identity Proof | Copy of Latest MOA Copy of Incorporation Copy of Latest AOA |
Address Proof (Any 1) |
Current Account Statement
Telephone Bill Electricity Bill Shop & Establishment Act Certificate SSI or MSME Registration Certificate Sales Tax or VAT Certificate Registered Lease Document with other utility bills |
Income Proof | Audited Balance Sheet P&L Account and ITR for the previous 2 years |
Bank Statement | Bank statement of last 3 months |
Business Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
Additional documents |
List of Directors and Shareholding Partners
PAN Card Board Resolution Certificate of Commencement of Business for Ltd. Co. |
How to Increase Your Eligibility for Pandyan Grama Bank Car Loan
- Opt for a shorter tenure – When you opt for a shorter tenure to repay the money, the EMI that you will be paying each month will be higher. This will be an indication of your higher repayment capacity which will build a sense of confidence in you. So, if you wish to boost your eligibility for a car loan, you can opt for a shorter repayment tenure.
- Keep your credit score in check – If you wish to increase your eligibility for a Pandyan Grama Bank car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score. Checking your credit score regularly will allow you to take corrective measures to improve it if your score is low or if it gives you the confidence to approach the bank if it is high.
- Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you have a good balance between your earnings and your spendings. Before banks decide to lend to you, they will check the percentage of your earnings that goes into paying your debts and a low debt-to-income ratio will indicate your high repayment capacity. To enhance your eligibility for a car loan, you should ensure that you maintain a low debt-to-income ratio.
- Apply for a loan for a lower amount – By applying for a loan for a lower amount, you can increase your eligibility for a Pandyan Grama Bank car loan. A lower loan amount means that the loan will be repaid faster. Therefore, the chances of you being eligible for a loan are higher.
Factors Affecting Pandyan Grama Bank Car Loan Eligibility
The eligibility criteria for a car loan will depend on the below-given factors:
- Income – If your income is on the higher side, there is a good chance that your eligibility for a Pandyan Grama Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a Pandyan Grama Bank car loan, your yearly income should be at least Rs.3 lakh.
- Loan amount – Your eligibility for a car loan from Pandyan Grama Bank will be higher if you apply for a lower loan amount as if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan.
- Repayment tenure – Choosing a longer repayment tenure can decrease your eligibility for a car loan. It might give an impression to the bank that you do not possess the ability to pay the loan. This is because longer repayment tenure results in lower EMIs and the lender will think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
- Credit score – This is an important factor that every bank, including Pandyan Grama Bank, considers when finding out your eligibility for a car loan. A credit score of 750 and above is considered to be a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan and your eligibility will be much higher.
- Relationship with the bank – This indicates that your relationship with the bank is an important factor while determining your eligibility.
Pandyan Grama Bank Car Loan Customer Care – Toll-Free Number
Pandyan Grama Bank 24*7 customer care toll-free number all your general enquiries is For Ahmedabad / Bangalore / Chennai / Delhi & NCR / Hyderabad / Kolkata / Mumbai / Pune / Chandigarh / Cochin / Indore / Jaipur / Lucknow dial 04146221736/ 8300077006
Pandyan Grama Bank Car Loan EMI Calculator
The applicant has the option to know the EMI’s before availing of a Car Loan. Thus, you can easily check through the link below:
Pandyan Grama Bank Car Loan Types
Pandyan Grama Bank offers different types of car loans to its customers. You have the option of choosing the offer which suits your need the best. It offers the following types of Car Loans:
- New Car Loan – Those who wish to buy a new car, this is the scheme for you. You can take Pandyan Grama Bank Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
- Used Car Loan – If you wish to buy a used car then you can choose this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
- Loan Against Car – You can opt for this scheme if you are in need of urgent funds where you can keep your cars as collateral with the bank where you can get Rs. 10 lakh or up to 50% of your car’s value.
Pandyan Grama Bank Car Loan Pre Calculated EMI
Loan Amount | 2 Years | 3 Years | 5 Years | 7 Years |
1 Lakh | ₹ 4,480 | ₹ 3,090 | ₹ 1,982 | ₹ 1,512 |
3 Lakh | ₹ 13,439 | ₹ 9,270 | ₹ 5,947 | ₹ 4,535 |
5 Lakh | ₹ 22,398 | ₹ 15,450 | ₹ 9,912 | ₹ 7,559 |
10 Lakh | ₹ 44,795 | ₹ 30,900 | ₹ 19,825 | ₹ 15,117 |
How to Apply for Pandyan Grama Bank Car Loan?
- Visit Dialabank and fill a form.
- Wait for a call from our Relationship Manager who will guide you throughout the process.
- You can compare different offers from banks and NBFCs and choose the one which suits your needs.
- Thus, easily apply for a Car Loan through Dialabank and enjoy the best offers.
- Eligibility criteria for a car loans are discussed in the above contents
Tips to Decide the Right Amount of EMI in Car Loan
Car Loan EMI Changes in Case of Pre-payment
In case you prepay your vehicle loan, a small penalty is issued. Prepayment in Pandyan Grama Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Pandyan Grama Bank gives you two options:
How to Calculate Pandyan Grama Bank Car Loan EMI
Before you avail of a car loan from Pandyan Grama Bank, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.
You can calculate the EMI for your car loan by using the below-given formula:
E = P*r*[(1+r) ^n/((1+r) ^n-1)]
In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.
You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.
Pandyan Grama Bank Car Loan for Top Selling Cars
Other Available Products from Pandyan Grama Bank
Pandyan Grama Bank Personal Loan | Pandyan Grama Bank Gold Loan | Pandyan Grama Bank Home Loan |
Pandyan Grama Bank Credit Card | Pandyan Grama Bank Two Wheeler Loan | Pandyan Grama Bank Education Loan |
Compare Pandyan Grama Bank Car Loan With Other Banks In India
Car loan Banks | Interest Rates |
EMI per Rs 1 lakh for 7 Years
|
Bank Of Baroda Car Loan | 8.80% – 10.55% |
Rs. 1,599 – Rs. 1,689
|
Canara Bank Car Loan | 8.70% – 9.35% |
Rs. 1,594 – Rs. 1,627
|
Corporation Bank Car Loan | 8.75% – 9.50% |
Rs. 1,596 – Rs. 1,634
|
HDFC Bank Car Loan | 7.05% – 11.25% |
Rs. 1,512 – Rs. 1,725
|
Private Bank Car Loan | 8.82% – 12.75% |
Rs. 1,600 – Rs. 1,806
|
Union Bank Car Loan | 8.85% – 11.85% |
Rs. 1,601 – Rs. 1,757
|
SBI Car Loan | 8.65% – 9.70% |
Rs. 1,609 – Rs. 1,645
|
FAQs for Pandyan Grama Bank Car Loan
✅ What is the Pandyan Grama Bank Car Loan?
Pandyan Grama Bank car loan is the loan sum provided to its clients by the business for a new or used car.
✅ How can I get a Car Loan from Pandyan Grama Bank?
- Visit Dialabank and fill a form.
- Wait for a call from our Relationship Manager who will lead you throughout the process.
- You can compare different offers from banks and other businesses and choose the one which suits your needs.
- Thus, easily apply for a Car Loan through Dialabank and experience the best offers.
✅ How does Pandyan Grama Bank Car Loan work?
When you will apply for a car loan, then you will get a call from our representative and then, there will a document verification process. Then, the loan amount will be credited to your account.
✅ What is the Car Loan Interest Rate in Pandyan Grama Bank?
The interest rate on a car loan in the Pandyan Grama Bank is
7.35% per annum
only.✅ How to Check Car Loan status in Pandyan Grama Bank?
You can track your car loan status online on the Car loan status website.
✅ How to Calculate Car Loan Interest in Pandyan Grama Bank?
✅ What is the maximum loan amount I can avail of on Car Loan from Pandyan Grama Bank?
The maximum loan amount you can avail of on a car loan is up to 90% of On Road Price.
✅ What is the loan tenure of the Pandyan Grama Bank Car Loan?
The loan tenure of the Pandyan Grama Bank Car Loan is a peak of 7 years.
✅ Can I get a 100% Car Loan from Pandyan Grama Bank?
Yes, you can get a 100% Ex-showroom Price car loan from Pandyan Grama Bank.
✅ How much Processing Fee is applicable to the Pandyan Grama Bank Car Loan?
Pandyan Grama Bank charges a processing fee of 2% Only.
✅ What are the EMI options available on the Pandyan Grama Bank Car Loan?
Pandyan Grama Bank Gives two EMI options for a car loan:- Step-up EMI and Balloon EMI.
✅ What are the charges for Prepayment in Pandyan Grama Bank Car Loan?
You can prepay/foreclose your Pandyan Grama Bank Car Loan with 5% as foreclosure costs.
✅ Can I get a top-up loan on my existing Pandyan Grama Bank car loan?
You can get a top-up loan on your current car loan from Pandyan Grama Bank for up to 150% of its worth.
✅ Do I need to provide a guarantor to avail a car loan from the Pandyan Grama Bank?
Generally, you don’t need a guarantor for a car loan. However, you may need a guarantor if you don’t fulfill the eligibility criteria.
✅ How to get the Pandyan Grama Bank Car Loan Statement?
Get the statement in person by visiting your branch and requesting a detailed statement.
or
You can get the report online. To do this, you should have Pandyan Grama Bank internet funding initiated.
✅ How to Pay Pandyan Grama Bank Car Loan Interest Online?
Simply logon to online Pandyan Grama Bank payment to ‘see and pay’ your statements. You also get an electronic acknowledgment for every bill paid by you using e-PAY. You can also pay through Paytm.
✅ What if I can’t pay the interest on Pandyan Grama Bank Car Loan for 3 months?
Pandyan Grama Bank imposes 24% of the exceptional amount or a Fee covering from Rs.500 to Rs.5000 for not paying the EMI for 3 months.
✅ How can I apply for EMI Moratorium on Pandyan Grama Bank Car Loan?
You can apply for EMI Moratorium on Pandyan Grama Bank Car Loans directly from the Pandyan Grama Bank website’s Loan corner.
✅ What is the number for the Pandyan Grama Bank Car Loan agent?
Call Dialabank at 9878981166 as it is one of the most granted Pandyan Grama Bank Car Loan agents. Dialabank even guarantees the best offers on your Car Loan.
✅ Can I close the Pandyan Grama Bank car loan online?
Pandyan Grama Bank car loans can be stopped by visiting the nearest branch and clearing off the outstanding value.
✅ What is the Pandyan Grama Bank Car Loan Customer Care Number?
Call 9878981166 and clear any of your questions with us anytime.
✅ How can I get NOC from the Pandyan Grama Bank for a Car loan?
You can get NOC straight from the branch for Pandyan Grama Bank Car Loans.
✅ What is the Pandyan Grama Bank Car Loan closure procedure?
- Just go to the bank with the documents.
- Write a letter for pre-closure of the Pandyan Grama Bank Car Loan account.
- Pay the pre-closure charges as per Pandyan Grama Bank Car Loan.
✅ What are the Pandyan Grama Bank Car Loan preclosure charges?
Pandyan Grama Bank Car Loan preclosure charges are up to 6%+ GST.
✅ What is the Pandyan Grama Bank Car Loan maximum tenure?
The Pandyan Grama Bank Car Loan maximum tenure is 7 years.
✅ What is the Pandyan Grama Bank Car Loan minimum tenure?
The Pandyan Grama Bank Car Loan minimum tenure is 1 year.